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</html>";s:4:"text";s:8603:"Gray acknowledged there are clear headwinds to both sectors but doubled down on the claim that, given early signs of a travel recovery and the relatively limited exposure to the troubled sectors, there wasn’t much of a need to deploy cash. After raising $20 billion during the second quarter, Blackstone now has a record $156 billion in “dry powder” capital to deploy for investments. Blackstone may not have a lot of exposure to the hotel industry today, but that doesn’t mean the investment firm isn’t on the hunt for distressed hospitality investment opportunities during the pandemic. Media … Past performance is not indicative of future results. Past performance is not indicative of future results. The hotel industry may just take longer than usual to show any of those hefty results. After shedding all of its shares, Blackstone eventually walked away in 2018 from the investment with $14 billion in total profit. Its logistics and life science real estate holdings propelled the company forward despite the coronavirus pandemic shutting down many parts of the economy. US: +1 888-756-8443 International: +1 646-313-6590 BlackstoneInvestorRelations@blackstone.com. Shareholder Relations. Blackstone 345 Park Avenue New York, NY 10154 US: +1 (888) 756-8443 International: +1 (646) 313-6590 BlackstoneShareholderRelations@Blackstone.com Investor Relations For investor relations contact information or to receive email notifications for SEC filings, events, end of day stock quotes, and financial reports, please visit our Investor Relations page. There are opportunities for the firm to invest in hotels and hold onto them ahead of long-term growth, Gray said this week in an interview with the Wall Street Journal. 1 Dividends since IPO include $0.59/share of value distributed to shareholders upon spin-off of PJT on October 1, 2015. Investor Relations For investor relations contact information or to receive email notifications for SEC filings, events, end of day stock quotes, and financial reports, please visit our Investor Relations page. Media … Private Equity is a Key Part of the U.S. Economy. “As you think about more distressed opportunities, in the private market, those are ahead of us,” Gray said. Blackstone specializes in private equity, credit and hedge fund investments. Investor Relations For investor relations contact information or to receive email notifications for SEC filings, events, end of day stock quotes, and financial reports, please visit our Investor Relations page. Other Blackstone executives continued to downplay the firm’s involvement in the hotel sector. “Our performance and our platform overall continues to benefit from superior sector selection and asset quality,” Blackstone CEO Stephen Schwarzman added. Materials from previous years are available below in PDF format. The firm’s 11-year Hilton hold began in 2007 ahead of the Great Recession, and Blackstone wrote down its initial $26 billion investment by 70 percent due to that economic crisis. But there is still a long road to recovery, in both the broader economy and especially the travel and leisure sector. US: +1 888-756-8443 International: +1 646-313-6590 BlackstoneInvestorRelations@blackstone.com. But the company likely won’t use much of those cash reserves to protect its own hotel assets. “We’re not concentrated in shopping malls and hotels like other real estate funds, which have negatively impacted their funds.”. Hotels and retail — the real estate sectors struggling the most at the moment — account for 13 percent of Blackstone’s real estate assets. In 2012, Blackstone went paperless with its Annual Reports and now releases Annual Chairman's Letters online. Roughly 80 percent of the firm’s real estate portfolio are in sectors showing resiliency to coronavirus economic headwinds like warehouses for e-commerce companies, Blackstone Chief Financial Officer Michael Chae said. US: +1 888-756-8443 International: +1 646-313-6590 BlackstoneInvestorRelations@blackstone.com. Media … Investor Relations For investor relations contact information or to receive email notifications for SEC filings, events, end of day stock quotes, and financial reports, please visit our Investor Relations page. “If the right people are in the right seats, you can get enormous outcomes,” Schwarzman said. Media … 1 Dividends since IPO include $0.59/share of value distributed to shareholders upon spin-off of PJT on October 1, 2015. “But corporate and group business travel will likely remain depressed for some time, and we’re preparing for a long recovery.”, Unlimited stories Exclusive column Event discounts And more, China's Domestic Flights in September Top Pre-Pandemic Levels https://t.co/nxfmsoIwgd. But Blackstone held on and eventually took Hilton public in 2013. Photo Credit: Blackstone attributes its continued real estate strength to only 13 percent of its portfolio coming from the hotel and retail sector. Blackstone, which owned Hilton for 11 years and took a 5 percent stake in Extended Stay America earlier this year, reported a $568 million second quarter profit Thursday. 1 Dividends since IPO include $0.59/share of value distributed to shareholders upon spin-off of PJT on October 1, 2015. Despite the smaller involvement in the hospitality sector today, Blackstone isn’t entirely turned off by the hotel business. While he did not specifically mention opportunistic hotel investments on Thursday’s earnings call, Blackstone’s roughly 5 percent investment in Extended Stay America earlier this year was driven by early signs the economy extended-stay hotel sector was durable, even when the pandemic effectively shuttered the entire global travel industry. One of the world’s largest real estate investors is downplaying its exposure to the struggling hotel industry, despite decades of notable hospitality investments. Blackstone 345 Park Avenue New York, NY 10154 US: +1 (888) 756-8443 International: +1 (646) 313-6590 BlackstoneShareholderRelations@Blackstone.com Media … “Overall, as a percentage of our holdings, [hotels and retail are] relatively small,” Blackstone President Jonathan Gray said during an earnings call Thursday morning. Javascript is required for this site to display correctly. The founders named their firm "Blackstone", which was a cryptogram  derived from the names of the two founders (Schwarzman and Peterson): "Schwarz" is German for "black"; "Peter", or "Petra" in Greek, means "stone" or "rock". Past performance is not indicative of future results. At Lehman, Schwarzman served as head of Lehman Brothers' global mergers and acquisition… Past performance is not indicative of future results. Shareholder Relations. Investor Relations For investor relations contact information or to receive email notifications for SEC filings, events, end of day stock quotes, and financial reports, please visit our Investor Relations page. 2 Dividend yield based on most recent closing price and last twelve months dividends to shareholders of $1.86 per share. which owned Hilton for 11 years and took a 5 percent stake in Extended Stay America earlier this year, in an interview with the Wall Street Journal, Consumer Spending Is Changing Travel Loyalty. Private Equity Investor Blackstone Downplays Its Pain From Battered Hotels. BCG, PE firm employment data as of March 2017. 2 Dividend yield based on most recent closing price and last twelve months dividends to shareholders of $1.86 per share. US: +1 888-756-8443 International: +1 646-313-6590 BlackstoneInvestorRelations@blackstone.com. The two founders had previously worked together at Lehman Brothers. Blackstone’s team touted its strategy of long-term holds as key in being a successful investment vehicle through the pandemic. “So we don’t expect a lot of dry powder going in that direction.”. Firms backed by the top five private equity sponsors are collectively one of the largest employers in the United States. The firm values its real estate portfolio at $329 billion, with $167 billion of investor capital under management. US: +1 888-756-8443 International: +1 646-313-6590 BlackstoneInvestorRelations@blackstone.com. The Blackstone Group was founded in 1985 by Peter G. Peterson  and Stephen A. Schwarzman  with $400,000 in seed capital. Sources: Fortune Global 500, company employment data as of December 2019. Blackstone specializes in private equity, credit and hedge fund investments.  “In hospitality there is encouraging early demand from certain key assets that have reopened,” Chae said. 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